|
Additional information on the County's capital assets can be found in note 2 section E of the Basic
<br />Financial Statements.
<br />Long -term Debt. As of June 30, 2011, Cabarrus County had total debt outstanding of $414,200,193 of
<br />which includes General Obligation Bonds that are backed by the full faith and credit of the County and all
<br />other debt is covered by pledged collateral and is subject to appropriation.
<br />Cabarrus County's Outstanding Debt
<br />All Debt Funding Sources
<br />Figure 5
<br />Governmental
<br />Activities
<br />General obligation bonds
<br />Capital lease obligations
<br />Certificates of participation
<br />Installment financing
<br />Total
<br />2011
<br />2010
<br />Cabarrus County's Capital Assets
<br />$ 112,565,000
<br />3,102,621
<br />3,282,345
<br />294,315,000
<br />294,990,000
<br />(net of accumulated depreciation)
<br />12,745,143
<br />$ 414,200,193
<br />$ 423,582,488
<br />Figure 4
<br />Governmental
<br />Business -type
<br />Activities
<br />Activities
<br />Total
<br />2011
<br />2010
<br />2011
<br />2010
<br />2011
<br />2010
<br />Land
<br />$ 24,009,781
<br />$ 24,013,499
<br />$ 490,447 $
<br />490,447
<br />$ 24,500,228
<br />$ 24,503,946
<br />Land Improvements
<br />4,282,568
<br />4,701,248
<br />842,857
<br />919,231
<br />5,125,425
<br />5,620,479
<br />Buildings
<br />87,103,964
<br />88,805,728
<br />1,124,715
<br />1,157,319
<br />88,228,679
<br />89,963,047
<br />Building Improvements
<br />12,779,927
<br />12,820,428
<br />4,113
<br />4,250
<br />12,784,040
<br />12,824,678
<br />Equipment
<br />4,586,849
<br />5,616,904
<br />42,426
<br />66,210
<br />4,629,275
<br />5,683,114
<br />Furniture and Fixtures
<br />98,496
<br />156,596
<br />-
<br />-
<br />98,496
<br />156,596
<br />Vehicles
<br />3,289,387
<br />3,905,741
<br />1,121,197
<br />1,195,384
<br />4,410,584
<br />5,101,125
<br />Reservoir
<br />21,417,248
<br />21,439,013
<br />-
<br />-
<br />21,417,248
<br />21,439,013
<br />Construction in progress
<br />61,357,015
<br />57,542,697
<br />352,677
<br />215,961
<br />61,709,692
<br />57,758,658
<br />Total
<br />$ 218,925,235
<br />$ 219,001,854
<br />$ 3,978,432 $
<br />4,048,802
<br />$ 222,903,667
<br />$ 223,050,656
<br />Additional information on the County's capital assets can be found in note 2 section E of the Basic
<br />Financial Statements.
<br />Long -term Debt. As of June 30, 2011, Cabarrus County had total debt outstanding of $414,200,193 of
<br />which includes General Obligation Bonds that are backed by the full faith and credit of the County and all
<br />other debt is covered by pledged collateral and is subject to appropriation.
<br />Cabarrus County's Outstanding Debt
<br />All Debt Funding Sources
<br />Figure 5
<br />Governmental
<br />Activities
<br />General obligation bonds
<br />Capital lease obligations
<br />Certificates of participation
<br />Installment financing
<br />Total
<br />2011
<br />2010
<br />$ 105,660,000
<br />$ 112,565,000
<br />3,102,621
<br />3,282,345
<br />294,315,000
<br />294,990,000
<br />11,122, 572
<br />12,745,143
<br />$ 414,200,193
<br />$ 423,582,488
<br />As mentioned in the financial highlights section of this document, Cabarrus County maintained for the 2nd
<br />consecutive year its Aa1 rating from Moody's and a AA+ rating from Fitch. For the 3rd consecutive year, a
<br />rating of AA+ from Standard and Poor's has been maintained. These bond ratings are a clear indication of
<br />the sound financial condition of Cabarrus County.
<br />The State of North Carolina limits the amount of general obligation debt that a unit of government can
<br />issue to 8 percent of the total assessed value of taxable property located within that government's
<br />boundaries. The legal debt margin for Cabarrus County is $1,285,458,907. Additional information
<br />regarding Cabarrus County's long -term obligations can be found beginning in note 2 section J of this
<br />report.
<br />Economic Factors and Next Year's Budgets and Rates
<br />Cabarrus County is a part of the Charlotte Metropolitan Statistical Area (MSA), which in the past before
<br />the current economic downturn, has proved beneficial in that the County has continued to experience
<br />economic growth during national and state economic downturns. As a direct result from current economic
<br />23 Attachment number 1
<br />1 -3 Page 143
<br />
|